Optimal management of durable pollution
نویسندگان
چکیده
منابع مشابه
Optimal Management of Durable Pollution
This paper studies an incompletely informed regulator's problem of inducing a firm producing durable pollution to adopt a socially optimal pollution storage technology. We construct a sparse, yet flexible, theoretical model that can be applied directly to concrete situations as it is stated explicitly in terms of statistical parameters. Next, we show the existence of an optimal regulatory contr...
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We examine the intertemporal optimal consumption and investment problem in a continuous-time economy with a divisible durable good. Consumption services are assumed to be proportional to the stock of the good held and adjustment of the stock is costly, in that it involves the payment of a proportional transaction cost. For the case in which the investor has an isoelastic utility function and as...
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A durable purchased at time t 2 [0;1) provides a constant service ow x0 in the interval [t; t + 1]. The price of the durable is reduced periodically: it is equal to p = p0=(1 + ) in the period of time [ ; + 1), 2 N, where 0. Assume that the interest rate equal to the rate of time preference: r = . Consider a consumer that at date t = 0 has no durable and a lifetime wealth w. His optimization p...
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Article history: Received 25 November 2013 Received in revised form 17 June 2015 Available online 13 July 2015 JEL classification: O33 O31 E22
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We analyze the life cycle consumption choice model for multiple goods, focusing on the distinction between durables and perishables. As an approximation of the fact that rather high transaction costs and market imperfections prevail inmarkets for used durables, we assume that investment in durables is irreversible. In contrast to the additive model with one perishable good, the optimal consumpt...
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ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2005
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2004.07.001